Banks in Miss., La. file applications for pending acquisitions
A pair of banks has filed with regulators to proceed with pending acquisitions. Commerce Bancorp in Greenwood, Miss., applied to acquire Morton Bancorp in Morton, Miss., and $80.9 million-asset unit Bank of Morton. No terms were disclosed when the deal was announced in July. Commerce, the parent of the $810 million-asset Bank of Commerce, expects […]
Potential hostile takeover brewing in California
Summit State Bank in Santa Rosa, Calif., is dealing with a potential hostile takeover by Big Poppy Holdings in Santa Rosa. Big Poppy, the parent of the $5.7 billion-asset Poppy Bank, applied with the Federal Reserve for a “change in control” that would allow it to boost its 4.9% stake in the $1.2 billion-asset Summit […]
Sandy Spring in Md. to incur charge from ending pension plan
Sandy Spring Bancorp in Olney, Md., will incur an $8.2 million charge in the third quarter tied to pension settlement expenses. The $14 billion-asset company disclosed in a regulatory filing that it recently transferred $33.7 million of pension obligations tied to the termination of its pension plan. Pension obligations were distributed through a combination of […]
Live Oak in NC taps CFO as next bank president
Live Oak Bancshares in Wilmington, N.C., has a new bank president. The $10.8 billion-asset company said in a press release that BJ Losch had succeeded Huntley Garriott. Live Oak did not say why Garriott had left or where he was going. Losch will remain the company’s chief financial officer. Losch, who had also served as […]
Eagle in Va. sells marine finance business to Axos
Eagle Financial Services in Berryville, Va., has sold its marine finance business to Axos Financial in Las Vegas. The $1.8 billion-asset Eagle said in a regulatory filing that Axos agreed to buy LaVictoire Finance for $1.5 million. Axos agreed to assume the servicing of the bank’s marine finance loans, and those of third […]
Central Plains in Neb. planning mutual conversion
Central Plains Bancshares in Grand Island, Neb., plans to raise $36.8 million as part of a mutual conversion. The parent of the $438 million-asset Home Federal Savings and Loan Association of Grand Island said in a press release that it expects to sell about 3.7 million shares of common stock at $10 each. The company […]
Burke & Herbert, Summit Financial announce merger
Burke & Herbert Financial Services in Alexandria, Va., has agreed to buy Summit Financial Group in Moorefield, W.Va. The $3.6 billion-asset Burke & Herbert said in a press release that it will pay $371.5 million in stock for the $4.5 billion-asset Summit. The deal is expected to close in the first quarter. The combined entity, […]
TD Bank discloses DoJ probe into AML, BSA compliance
TD Bank disclosed that it is cooperating with a Justice Department probe into its compliance with anti-money laundering measures. The Canadian bank said in its earnings release that it “anticipates monetary and/or non-monetary penalties to be imposed” due to the issue. TD said it is “pursuing efforts to enhance” its Bank Secrecy Act compliance. The […]
CFPB sues fintech for alleged unfair lending practices
The Consumer Financial Protection Bureau has filed a lawsuit against a fintech for allegedly violating laws against unfair lending practices by pushing customers to refinance. The lawsuit, filed in the U.S. District Court for South Carolina, claims that Heights Finance Holding Co., a Greenville, S.C., unit of Curo Group Holdings, identified struggling borrowers, and then […]
Savi Financial gets FDIC approval to open second bank
Savi Financial in Mount Vernon, Wash., has received conditional approval from the Federal Deposit Insurance Corp. to create a new bank. Savi Financial plans to form Orca Bank, which would then buy SaviBank’s Bellingham, Wash., branch. Formation, capitalization, and the acquisition will occur simultaneously with plans to open Orca in the first quarter. “We are […]
New Peoples in Va. names next bank CEO
New Peoples Bankshares in Honaker, Va., has a new bank CEO lined up. The $794 million-asset company said in a press release that J.W. Kiser will also become president of New Peoples Bank on Dec. 1. He will succeed C. Todd Asbury, who had already announced plans to step down. Asbury will remain the company’s […]
Proposed Puerto Rican bank gets conditional FDIC approval
A proposed digital bank in San Juan, Puerto Rico, has received conditional approval from the Federal Deposit Insurance Corp. Organizers of Nave Bank will need to raise $96 million of capital, according to the FDIC’s approval. The group first applied to form the bank in January 2022. Nave would use “highly scalable and state of […]
Georgia, NC banks complete private placements
Banks in Georgia and North Carolina recently raised capital through private placements of common stock. Signature Bank of Georgia in Sandy Springs raised $7 million on Aug. 15. The $197 million-asset bank said the proceeds will be used to support ongoing operations and growth initiatives. “During the raise, it was great to hear the confidence […]
Fifth Third taps former U.S. Bancorp CFO to join board
Fifth Third Bancorp in Cincinnati has selected a former U.S. Bancorp executive to join its board. The $207 billion-asset company said in a press release that Kathleen Rogers had joined its board. She recently retired from U.S. Bancorp, where she was chief finance administration officer. Rogers also served as chief financial officer at the Minneapolis […]
CEO of Congressional FCU in Virginia dies
Cory Montez Hairston, president and CEO of Congressional Federal Credit Union in Oakton, Va., died last week. The $1.2 billion-asset credit union said that Hairston, who became president and CEO in October, died on Aug. 16. He joined the credit union in 2005. “The entire Congressional Federal family mourns this loss,” the credit union said […]
Edward Jones, Citi ink checking account partnership
Edward Jones, which last fall withdrew an application to create a bank, has entered into a strategic partnership with Citigroup to offer checking and savings accounts to its customers. The St. Louis brokerage said in a press release that it will focus on U.S. clients in 2024. It plans to expand into securities-based lending and […]
Bank of the West in California cutting 248 jobs
Bank of the West in San Francisco, which sold to Bank of Montreal earlier this year, plans to lay off 248 employees, according to a Worker Adjustment and Retraining Notification filing. The bank plans to cut 203 jobs in its Camino Ramon office and another 45 at its former headquarters at 180 Montgomery St. The cuts […]
Farmington State Bank in Wash. hit with C&D order
Farmington State Bank in Farmington, Wash., which is in the midst of selling itself to Bank of Eastern Oregon, was hit with a cease-and-desist order from regulators. The Fed said in a press release that the $22 million-asset bank “improperly changed its business plan without notifying … supervisors and obtaining prior approval for those changes.” […]
Cambridge Savings’ digital bank tops $530M of deposits
Ivy Bank, the digital-only platform created by Cambridge Savings Bank in 2021, has surpassed $530 million of deposits. The $6 billion-asset bank said in a press release that the platform has more than 6,600 customers two years after its launch. “Our mission has always been to treat every customer like our only customer, and with […]
Silvergate CEO departs as liquidation continues
Silvergate Capital in La Jolla, Calif., which is in the midst of voluntarily winding down its operations, announced the departure of CEO Alan Lane. The company disclosed in a regulatory filing that Lane also resigned as president, effective Aug. 15. John Bonino, Silvergate’s chief legal officer, also stepped down. Antonio Martino, the company’s chief financial […]
Vista hires former Professional bankers for Fla. expansion
Vista Bank in Dallas has hired a team from Professional Bank to oversee its expansion into Florida. The $2 billion-asset bank said in a press release that it hired six bankers: Michael Woody, Mandi Friedman, Steven Quinn, Melissa Norman, Cindy Rey and Jill Garic. Each worked at Professional with Dan Sheehan, who is Vista’s president. Professional sold to Seacoast Banking […]
Stock Yards in Ky. lines up next wealth management head
Stock Yards Bancorp in Louisville, Ky., will have a new head of wealth management in 2024. The $7.7 billion-asset company said in a press release that Kathy Thompson will retire as director of its wealth management and trust group on Jan. 2. She will be succeeded by Shannon Budnick, who is managing director of investments. […]
Citizens in Okla. launches military-focused digital bank
Citizens Bank of Edmond in Oklahoma has launched a digital bank for members of the military. The $350 million-asset bank launched Roger, which builds off a mortgage platform it created last year. An app is also available for the platform. “Years in the making, this moment is a testament to the unwavering dedication of countless […]
Franklin Bancorp in Ky. raises $2.8 million
Franklin Bancorp in Franklin, Ky., has raised $2.8 million through a private placement. The parent of the $715 million-asset Franklin Bank & Trust sold common stock, according to data compiled by Performance Trust Capital Partners. The data did not detail how much stock was sold, the pricing or the investors.
Carver director to serve as interim president, CEO
Carver Bancorp in New York has tapped an interim CEO while it looks for a permanent successor for Michael Pugh. The $723.2 million-asset company said in a press release that Craig MacKay will also become interim president on Oct. 1. Carver previously announced that Pugh is stepping down on Sept. 30 to become CEO of […]